In his reaction from his Bangalore headquarters, he said no steps have been taken to remove procedural hassles that affect the software industry.

If the industry should reach the targeted $50 billion, it is necessary that the regulatory controls relating to customs, central excise and other regulations are removed.

Companies should be allowed to operate on a self-certification policy. At present, transaction costs relating to such regulatory compliance are high and hamper the growth of this sunrise industry, he added.